Oil Tanker Economics
Author | : Robert S. Nielsen |
Publisher | : |
Total Pages | : 330 |
Release | : 1959 |
Genre | : Petroleum |
ISBN | : |
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Author | : Robert S. Nielsen |
Publisher | : |
Total Pages | : 330 |
Release | : 1959 |
Genre | : Petroleum |
ISBN | : |
Author | : Zenon S. Zannetos |
Publisher | : |
Total Pages | : 40 |
Release | : 1984 |
Genre | : Petroleum |
ISBN | : |
Author | : Zenon S. Zannetos |
Publisher | : Forgotten Books |
Total Pages | : 50 |
Release | : 2018-02-22 |
Genre | : Business & Economics |
ISBN | : 9780666112972 |
Excerpt from Oil Tanker Rates: A Life-Long Challenge One of the most striking aspects of the tanker markets in the late fifties is that these Operated in a manner approximating perfect competition. The concentration of ownership of tanker capacity in the relevant market the spot market was found to be very low to affect the efficiency of the markets. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author | : Europäische Gemeinschaften Kommission Statistisches Amt |
Publisher | : |
Total Pages | : 14 |
Release | : 1973 |
Genre | : |
ISBN | : |
Author | : |
Publisher | : |
Total Pages | : 162 |
Release | : 1994 |
Genre | : Alle lande |
ISBN | : |
Author | : Lutz Kilian |
Publisher | : |
Total Pages | : 30 |
Release | : 2020 |
Genre | : Petroleum |
ISBN | : |
Using a novel dataset, we develop a structural model of the Very Large Crude Carrier (VLCC) market between the Arabian Gulf and the Far East. We study how fluctuations in oil tanker rates, oil exports, shipowner profits, and bunker fuel prices are determined by shocks to the supply and demand for oil tankers, to the utilization of tankers, and to bunker fuel costs. Our analysis shows that time charter rates respond only slightly to fuel cost shocks. In response to higher fuel costs, voyage profits decline, as cost shocks are only partially passed on to round-trip voyage rates. Oil exports from the Arabian Gulf also decline, reflecting lower demand for VLCCs. Positive utilization shocks are associated with higher profits, a slight increase in time charter rates and slightly lower fuel prices and oil export volumes. Tanker supply and tanker demand shocks have persistent effects on time charter rates, round-trip voyage rates, the volume of oil exports, fuel prices, and profits with the expected sign.
Author | : George Xianzhi Yuan |
Publisher | : World Scientific |
Total Pages | : 274 |
Release | : 2020-10-23 |
Genre | : Business & Economics |
ISBN | : 9811223211 |
In 2020, the global lockdowns caused by the COVID-19, or coronavirus, pandemic had resulted in a sharp drop in demand for crude oil. This impact was so severe that on April 8, 2020, a proposal to update the Chicago Mercantile Exchange Holdings Inc. (CME) trading rule to permit negative prices was applied to CME's WTI Oil futures contracts; this led to a novel phenomenon in which the closing clearing price of WTI Oil May future was $-37.63/barrel based on fewer than 400 contracts' trading volume in the last three minutes, reflecting less than 0.2% of the total trading contracts volume on April 20, 2020. This occurrence of negative closing clearing price for CME's WTI Oil futures trading, cannot be explained simply by just the principle of supply and demand; instead, it highlights vulnerabilities caused by CME's allowance of negative price trading (based on its trading platform), a decision which brings potential and fundamental challenges to the global financial system.This event challenges not just our basic concepts of 'value' and trading 'price' of commodities and goods that underline our understanding of the framework for the invisible hand and general equilibrium theory in economics established by a few generations of scholars since Adam Smith in 1776 for market economies, but also have wider implications on the fundamentals that underpin our ideas of value and labor in the organization, activity, and behavior of civilizations and individual liberties.The scope of this book is limited to covering the impact of the negative oil futures derivatives' trading between April 20 and 21, 2020. This book focuses on exploring the issues, challenges, and possible impacts on global financial markets due to the negative clearing prices of WTI Oil futures contracts and related problems from different perspectives. Topics covered include the responsibilities and liabilities of the CME; critique to the fundamental theory of economics and the modern understanding of value and labor; and challenges to the global financial systems and businesses and introduction to new methods of application.
Author | : Eric Tham |
Publisher | : |
Total Pages | : |
Release | : 2018 |
Genre | : |
ISBN | : |
In this paper, price drivers for the Arabian Gulf oil tanker rates were derived from the Bayesian logistic regression to form a leading indicator. A universe of price drivers was filtered based on statistical criteria and speculative backtest results. Results showed that refining margins in Asia, crude production in the Arabian Gulf, the vessel utilisation rate and Brent-Dubai spreads were the most significant price drivers of TD3. A time series of these drivers indicates that Arabian Gulf production has a declining importance relative to the Brent-Dubai spreads since 2004. A vector error correction mechanism analysis of the TD1 and TD3 benchmarks indicates that TD1 returns lag behind TD3 rates.
Author | : Johann Alexander Wulf |
Publisher | : |
Total Pages | : |
Release | : 2016 |
Genre | : |
ISBN | : |
The purpose of this thesis is to provide a comprehensive review of the existing academic literature on oil tanker freight rates and analyses of empirical data on the oil tanker market. Thereby, a set of the five most important freight rate determinants in the oil tanker segment is established. Following the literature review, we identify these as the demand for seaborne trade of oil, the supply of tanker vessels, the season, the individual tanker specifications and the route of the hire. The thesis provides a detailed description of each of these determinants and furthermore analyses how these have formed the current state of the tanker market and how we can project its future development.
Author | : |
Publisher | : |
Total Pages | : 14 |
Release | : 1973 |
Genre | : |
ISBN | : |